It is likely that the CrudeOil market will remain range-bound, characterized by lackluster trading activity.
market showed some upward momentum during Thursday's trading session despite ongoing fluctuations.
The global economy is facing a possible recession, which could dampen the demand for crude oil, keeping the prices from moving higher. Nevertheless, it is worth noting that WTI Crude Oil is the preferred oil grade in the US, and the Strategic Petroleum Reserve must be refilled, which may provide some support to the market.
Although China's reopening may theoretically improve Brent's performance, the market has not shown any significant signs of picking up.
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